SymphonyAI Acquires BAE Systems’ NetReveal for Anti-Money Laundering
PALO ALTO, Calif., July 13, 2022 – SymphonyAI, a leader in high-value enterprise AI SaaS for strategic industries, has announced it is acquiring financial crime detection leader NetReveal from BAE Systems. This acquisition marks a significant step in SymphonyAI’s expansion strategy within the financial vertical.
Today’s banking regulatory landscape demands institutions effectively address financial crime, fraud, sanctions screening, internal malfeasance, and growing cryptocurrency risk. NetReveal efficiently protects against financial crime, ensures regulatory compliance, and reduces risk for 200 of the world’s leading financial services institutions. The financial services sector is a significant industry vertical for SymphonyAI. The company developed and launched the Symphony AyasdiAI Sensa platform in late 2021, bringing AI-based analytics and insights to financial crime detection. As part of SymphonyAI’s financial vertical, NetReveal will use Sensa AI technology to deliver transformative innovations and powerful new products that better uncover anomalous activity, reduce false positives, and control costs.
“NetReveal is a global leader in regulatory compliance and financial crime detection and prevention with a 20-year heritage, operating in a fast-growing market,” said Mike Foster, managing director of NetReveal. “We are well-positioned for growth. As part of SymphonyAI, NetReveal can pursue all avenues for that growth, including an innovative product roadmap, new partnerships, and expanded go-to-market opportunities.”
“SymphonyAI’s mission is to combine an in-depth understanding of business challenges with AI technology,” said SymphonyAI CEO Sanjay Dhawan. “We reduce the burden on the enterprise worker with AI for new insights to improve operations. NetReveal fits right in that sweet spot, providing customers with unrivaled industry knowledge and proven technology. Our financial vertical now combines Sensa’s market-defining innovation with NetReveal’s strong counter-fraud and financial crime heritage. Our portfolio is unmatched in capabilities that will define the future of financial crime detection.”
“NetReveal and SymphonyAI bring together a strong AI analytics framework and well-established scalable platform for risk management,” said Sidhartha Dash, research director at research firm Chartis. “This powerful new combination will combine next-generation AI analytics and an end-to-end risk management infrastructure to deliver scalable solutions in a wide variety of risk and compliance contexts and represent a significant new addition to the compliance technology ecosystem.”
The NetReveal Financial Crime platform manages all aspects of anti-money laundering detection and financial crime investigation and reporting. It provides regulatory compliance, risk management, and fraud and financial crime detection to increase effectiveness and reduce costs for global, multi-jurisdiction operations.
Following this acquisition, SymphonyAI’s financial vertical will consist of NetReveal, with its extensive experience across a large customer base and its team of more than 750 subject matter experts, and SymphonyAI Ayasdi, with its award-winning Sensa financial crime platform and leading technology team. The two product groups will accelerate innovation across the NetReveal and Sensa portfolios for transformative, next-generation AI-based capabilities for financial crime detection.
“This is great news for NetReveal customers and the market,” said SymphonyAI Chairman and Founder Dr. Romesh Wadhwani. “NetReveal is an excellent fit for SymphonyAI. Our leading enterprise AI SaaS solutions deliver enormous value to customers in the retail, CPG, financial, manufacturing, media, IT, and public sectors. NetReveal helps solve the critical problems financial services customers face today in handling financial crimes. Being part of SymphonyAI will enhance and accelerate its value to customers in a significant way.”
The transaction is expected to be completed later this year, subject to customary regulatory approvals.
NetReveal provides financial crime, risk management, and fraud detection and prevention across banking, financial markets, and insurance via a single platform. The platform is adaptable to the evolving and heterogeneous nature of the financial services sector; to deliver power and flexibility in analytics, investigation, integration, security, and total cost of ownership reduction for customers. Advanced data analytics is at the core. Its analytics engines effectively detect anomalous behavior and are some of the most effective at positive/negative detection and false-positive reduction in the market.
SymphonyAI is building the leading enterprise AI SaaS company for digital transformation across the most critical and resilient growth industries, including retail, consumer packaged goods, finance, manufacturing, media, IT/enterprise service management, and the public sector. SymphonyAI has many leading enterprise customers in each of these industries. Since its founding in 2017, SymphonyAI has grown rapidly, approaching 2,000 talented leaders, data scientists, and other professionals. SymphonyAI is a SAIGroup company, backed by a $1 billion commitment from successful entrepreneur and philanthropist Dr. Romesh Wadhwani.